North Carolina Down Payment Assistance Programs

Online Payments - These systems are the Mortgage Credit Certificate and also the Down Payment Assistance Program.

Should you meet the requirements for one of those plans and also you buy a house and December 1, 2009, you can ALSO qualify for the $8,000 tax credit just enacted into law.

First, who's a first-time Home Buyer? A first-time Home Buyer is someone who has not owned a house within the past three years. This is exactly the same qualifying definition.

All home owners can claim an itemized deduction for mortgage interest. An MCC “reduces your tax liability according to a share of the mortgage interest which you pay.

Should you are eligible for the MCC, you'll be able to claim 20% of the interest you pay as a credit on your federal income taxes on your mortgage. It is possible to save up to $2,000 on your taxes.

You'll manage to combine this with the $8,000 tax credit, if you do qualify for the MCC, for 2009. This may reduce a buyer's tax liability by $10,000.

Who Qualifies for an MCC?

Household income means the “gross income of the mortgagor and any man anticipated to live in the residence who's 18 years old or older.”

House price limits that apply in Durham Orange and Chatham Counties and the income are given below.

MCC Income Limitations 1 Man $61,500 2 Persons $61,500 3 Individuals $70,500 4 Individuals $70,500

MCC Sales Price Limitations New Home $220,000 Existing Dwelling $210,000

Who Qualifies for Down Payment Help?

The customer just has to pay and the load would pay as much as .

This plan has more rigorous income limits than the MCC plan outlined above. Like the MCC program, it might be used together with all the new $8,000 tax credit on house purchases between January 1, 2009 and December 1, 2009. The down payment assistance, however, can not be employed in combination together with the MCC. That is an either or situation.

House price limitations that apply in Durham Orange and Chatham Counties and the income are listed below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Men $45,650 3 Men $51,350 4 Individuals $57,050

Down Payment Assistance Sales Price Limits New Home $210,000 Existing House $210,000